added stop loss at 23.10
updated - stop loss lowered too 22.60 - 10:44am est
TSRA - Stock Quote for Tessera Technologies - MSN Money
stopped out video:
MarketWatch.com - Pre-Market Indications
Friday, March 28, 2008
this is not a recommendation for you to trade. this is a high risk trade not suitable for everyone. always check with a pro before trading. do not trade in this as it is for information and education purposes only.
short tsra around 23.50, gap fade, riding coattails of market makers.
TSRA - Stock Quote for Tessera Technologies - MSN Money
The talk today is not about stocks but about Jimmy Cayne selling his Bear Stearns stock for $60 million.
Yes, he sold it for only $10 and change, far below the $175 peak and its $57 price just a few weeks ago, but don't kid yourself. This was bad timing. One trader wrote to me: "If you are a blue collar worker in Pennsylvania or Ohio in fear for your job or your livelihood you don’t give a tinker's damn if he sold for $10 or $170 and you don't view $60 million profit in one day as a bad day..."
He may be right. When you hear Hank Paulson talking about regulation of investment banks, you know the regulation train is coming to town. And it will hit when Congress returns next week. And, as several traders have already pointed out, Jimmy Cayne...who has also moved from Park Avenue to the Plaza...will likely be the poster boy. It doesn't mean the Bear deal won't get done, but expect a lot of rhetoric.
1) Futures weakened as JC Penney
[JCP 40.52 --- UNCH (0%) ] slashed its guidance for the quarter to $0.50 (from $075 to $0.80); sales for Easter were well below expectations. CEO Mike Ullman III noted that "consumer confidence is at a multi-year low." Down 12 percent pre-open.
This is going to revive the central bear thesis on the stock market: a) that estimates for retailers and other consumer companies are too high, and b) that consumer balance sheets are damaged and the Fed can't simply wave a magic wand and fix it. Macy's
[M 23.36 --- UNCH (0%) ] , Kohls
[KSS 44.52 --- UNCH (0%) ] down about 5 percent. Bulls argue that retailers have already corrected more than 20 percent.
2) Like Lennar
[LEN 17.9 --- UNCH (0%) ] , KB Home
[KBH 25.79 --- UNCH (0%) ] reported a loss. The comments are very similar to Lennar's remarks yesterday: "Until prices stabilize and consumer confidence returns, we believe inventory levels will remain significantly out of balance with demand. We do not anticipate meaningful improvement in these conditions in the near term..."
[SCS 11.85 --- UNCH (0%) ] , the world's largest manufacturer of office furniture, missed and guided below expectations for the first quarter. They too complained about inflationary pressures.
Bear Stearns' Jimmy Cayne: Stock Sale "Bad Timing" - Trader Talk with Bob Pisani - CNBC.com
Was Alan Greenspan really as dumb as he looks in creating the late housing bubble that threatens to bring the entire Western debt-based economy crashing down?
Was something as easy to foresee as this really the trigger for a meltdown that could destroy the world’s financial system? Or was it done, perhaps, "accidentally on purpose"?
And if so, why?
Let’s turn to the U.S. personage that conspiracy theorists most often mention as being at the epicenter of whatever elite plan is reputed to exist. This would be David Rockefeller, the 92-year-old multibillionaire godfather of the world’s financial elite.
The lengthy Wikipedia article on Rockefeller provides the following version of a celebrated statement he allegedly made in an opening speech at the Bilderberg conference in Baden-Baden, Germany, in June 1991:
"We are grateful to the Washington Post, the New York Times, Time magazine, and other great publications whose directors have attended our meetings and respected their promises of discretion for almost forty years. It would have been impossible for us to develop our plan for the world if we had been subject to the bright lights of publicity during these years. But the world is now more sophisticated and prepared to march towards a world government which will never again know war, but only peace and prosperity for the whole of humanity. The supranational sovereignty of an intellectual elite and world bankers is surely preferable to the national auto-determination practiced in the past centuries."
This speech was made 17 years ago. It came at the beginning in the U.S. of the Bill Clinton administration. Rockefeller speaks of an "us." This "us," he says, has been having meetings for almost 40 years. If you add the 17 years since he gave the speech it was 57 years ago—two full generations.
Not only has "us" developed a "plan for the world," but the attempt to "develop" the plan has evidently been successful, at least in Rockefeller’s mind. The ultimate goal of "us" is to create "the supranational sovereignty of an intellectual elite and world bankers." This will lead, he says, toward a "world government which will never again know war."
Just as an intellectual exercise, let’s assume that David Rockefeller is as important and powerful a person as he seems to think he is. Let’s give the man some credit and assume that he and "us" have in fact succeeded to a degree. This would mean that the major decisions and events since Rockefeller gave the speech in 1991 have probably also been part of the plan or that they have at least represented its features and intent.
David Rockefeller at Harvard in 2006
Is an International Financial Conspiracy Driving World Events?
Jérôme Kerviel, the former trader blamed for nearly €4.9 billion in losses at Société Générale, left a Paris prison cell Tuesday after more than five weeks in pretrial custody.
An appeals court ordered that Kerviel, 31, be released from prison while the investigation continues into whether he committed fraud. The judges placed Kerviel under judicial supervision, forbidding him to leave the Paris area during the inquiry. Kerviel surrendered his passport to the authorities in late January.
Lawyers involved in the case said Kerviel also had been ordered not to contact former colleagues at the bank, including 25 people named specifically.
Kerviel, looking freshly shaven and wearing a pink dress shirt and dark jacket, appeared relaxed and smiling as he left La Santé Prison in Paris on Tuesday afternoon accompanied by his lead lawyer, Elisabeth Meyer.
He waved to journalists gathered outside the prison gates but did not answer questions.
Former Société Générale trader gets out of jail
Pre-MarketGapping up in reaction to strong earnings/guidance: CRTX +21.0%, KOPN +13.6%, FUQI +7.1%, RHT +6.1%, SMA +5.9%, XRTX +5.6%, FINL +5.6%, TIBX +4.9%, CCIX +4.2%, ACN +4.1%, SPEC +1.9%... M&A news: LMRA +15.5% (announces agreement to merge with GigOptix)...
Select agriculture names showing strength: MOS +2.2% (announces canpotex potash contracts with Indian customers), AGU +1.8%, MON +1.7% (tgt raised to $145 from $140 at Citigroup), TRA +1.7%, POT +1.7%...
Select Chinese names trading higher following strength in overseas trading: LFC +9.4%, SEED +4.3%, CAF +3.2%, ACH +3.0%, CHL +2.1% (to offer high-speed service from April - Bloomberg.com), SNP +1.7%, BIDU +1.2%...
Select metals/mining stocks showing strength: YZC +5.2%, AAUK +5.1%, RTP +3.5%, LMC +3.4%, GOLD +3.3%, MT +3.2%, BHP +2.8%, AA +2.0%, PAL +1.9%... Other news: TSRA +43.3% (informed that ITC overturns stay order), BMTI +36.9% (addresses FDA communication on Regranex safety review), POM +12.0% (still checking), BRP +3.1% (Oi reaches agreement to buy Brasil Telecom, according to reports - DJ), QCOM +2.3% (Tessera Technologies informed that ITC overturns stay order against MOT, Freescale and QCOM), NOK +1.9% (still checking), BCE +1.7% (BCE Inc takeover deal given green light, with a few conditions-Globe and Mail), URBN +1.5% (Cramer makes positive comments on MadMoney), C +1.4% (replaces global prime brokerage co-heads - Bloomberg.com), AKS +1.2% (10% owner Harbert Mgmt bought 350K shares at $54.87)...
Analyst upgrades: CRUS +6.3% (upgraded to Overweight at Weisel), LEH +4.9% (upgraded to Buy at Citigroup), JASO +3.3% (initiated with Buy at Lazard), FSLR +2.1% (initiated with Buy at Canaccord), X +2.0% (upgraded to Buy at Merrill), ADSK +2.0% (upgraded to Buy at Kaufman), ISIL +1.6% (upgraded to Buy at tier 1 firm), LLTC +1.4% (upgraded to Buy at tier 1 firm), GA +1.4% (initiated with Buy at Citigroup), DVA +1.0% (upgraded to Buy at UBS), ADI +1.0% (upgraded to Buy at tier 1 firm).
Wall St. Warrior: Pre-Market
very close to a new low on the dollar index.
gold seems to be dropping so we may not see a new low today but who knows. either way our dollar is slowly being devalued to bring in our new currency the amero. search my blog for amero information(top left corner).
NYSE Arca Morning Update for Friday, Mar 28, 2008 :
Stocks trading on NYSE Arca at a price more than 15% away from the previous trade day's consolidated close price. (As of 08:30:00 ET)
|Thursday's Close||Current Price||Pct Chng||Current NYSE Arca Vol|
10 Most Active stocks on NYSE Arca as of 08:30:00 ET
|Based on Dollar Volume:||Based on Share Volume:|
NYSE Arca Pre Market Trading Update
These are the top analyst calls we are looking at this Friday morning:
- Apartment Investment (NYSE: AIV) Cut To Neutral From Buy at UBS.
- Bed Bath & Beyond (NASDAQ: BBBY) Cut To Underweight from Neutral at JPMorgan.
- Davita (NYSE: DVA) Raised To Buy From Neutral at UBS.
- Lehman Brothers (NYSE: LEH) Raised To Buy From Hold at Citigroup.
- McDonald's (NYSE: MCD) Started At Overweight at Morgan Stanley.
- Oplink Communications (NASDAQ: OPLK) Cut To Sell From Neutral at Piper Jaffray.
- Perry Ellis (NASDAQ: PERY) Started At Buy at SunTrust.
- Starwood Hotels (NYSE: HOT) Cut To Market Perform from Outperform at Wachovia.
- Tellabs (NASDAQ: TLAB) Cut To Neutral From Buy at UBS.
- WellPoint (NYSE: WLP) Cut To Equal-weight From Overweight at Lehman.
24/7 Wall St.
BMTI +27.7%, CRTX +21.0%, LMRA +15.5%, KOPN +9.1%, CRUS +7.4%, RHT +6.5%, XRTX +6.5%, LEH +6.4%, AAUK +5.9%, YZC +5.6%, FINL +4.6%, ACN +4.4%, CCIX +4.2%, TIBX +4.2%, RTP +4.1%, LMC +3.4%, GOLD +3.3%, MT +3.2%, BHP +2.8%, QCOM +2.3%, MOS +2.2%, UBS +2.2%, NOK +1.9%, X +1.7%, ISIL +1.6%, C +1.4%, URBN +1.4%, AKS +1.2%...
USNA -30.6%, APOL -16.7%, OPLK -15.4%, SOL -7.0%, MPG -6.1%, RMBS -4.8%, BSC -4.7%, SCS -3.4%, TNDM -2.5%, GRMN -1.6%.
Pre-Market Most Active Stocks - NASDAQ Premarket